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I recently learned of a statistic that is absolutely frightening from where I sit: 75 million youth — almost 13% of the world’s youth population — are unemployed.

Stop for a minute and think about that. Seventy-five million youth who are just starting out … and who are already behind.

And that number fails to take into account all of the youth who are underemployed, doing work for which they’re either not paid enough or that doesn’t allow them to put their skills to good use.

It’s an issue that’s top of mind for policymakers worldwide, who are turning to entrepreneurs and start-ups to both kick-start local economies and provide the jobs that will sustain economic growth.

We recently analyzed the challenges and issues facing young entrepreneurs in the G20 markets. Through our research and conversations, particularly with those age 30 and under, we uncovered what young entrepreneurs believe to be the five key imperatives for action:

1. Expand the choice of funding alternatives

Funding remains the biggest stumbling block for entrepreneurs looking to start their own businesses. Nearly three-quarters (73%) of those surveyed say access to funding remains very or somewhat difficult in their countries. Addressing the funding gap must be a key priority for G20 nations.

2. Increase mentoring and broader support

We need to provide these growing businesses with a stronger support ecosystem in the form of business incubators, mentors, start-up programs and entrepreneur clubs and associations. These will help facilitate networking and knowledge sharing.

3. Change the culture to tolerate failure

The public must change their perception of start-ups and be more aware of the contributions they make to the broader economy while building a supportive entrepreneurial culture that embraces these ventures. To achieve this:

Governments need to promote entrepreneurs as crucial job creators

Society needs to be more tolerant of failure and recognize entrepreneurs as innovators

Schools and universities must help students make the right career choices

4. Target and speed up incentives

Young entrepreneurs report an urgent need for government-backed initiatives across areas such as funding, support services and education.

Governments also need to recognize differences between the needs of male and female entrepreneurs. For example, men are more likely to prioritize education-related initiatives and tax breaks, while women focus more on grants and incubators.

5. Reduce red tape and excessive taxation

Young entrepreneurs will not succeed in greater numbers until governments create a simpler, SME-friendly business environment. More than one in two (53%) believe this would provide a crucial boost to their efforts. One in three (33%) say the development of a single government agency to help new businesses with regulation would be most helpful, and 14% say that such an agency would provide new businesses with much-needed guidance on tax filing requirements.

There’s a quote that comes to mind when I think about this issue, which I do often. It’s from the late, inimitable Nelson Mandela: “Sometimes it falls on a generation to be great. You can be that generation.”

Yes, the next generation can be great. But it starts with youth entrepreneurs having access to the tools and support needed to help overcome this unemployment crisis and build sustainable economies. Now is the time to act.

Tell me: How has your business addressed the current job gap for younger generations? What role do you believe local governments need to take to support entrepreneurship? What is the greatest story you’ve heard about youth entrepreneurship?